08 Jul 2004
BAE Systems North America today reached a definitive agreement with Practical Imagineering, Inc., (PI) to purchase all of the stock of the company for $8.3 million in cash.
PI, a privately held company based in Reston, Va., focuses on signal processing systems and software development.
The 10-year-old company employs more than 30 engineers and scientists.
Galen Ho, president of BAE Systems Information & Electronic Systems Integration Sector, said, Were excited that PI will be joining BAE Systems. Their strength in analysis and processing research and high-quality technical work force align well with BAE Systems growth strategy in information operations.
Closing of the transaction is expected to occur within 45 days and is subject to completion of certain regulatory reviews and approvals.
About BAE SYSTEMS
BAE Systems is an international company engaged in the development, delivery, and support of advanced defense and aerospace systems in the air, on land, at sea, and in space. The company designs, manufactures, and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. It is a pioneer in technology with a heritage stretching back hundreds of years. It is at the forefront of innovation, working to develop the next generation of intelligent defense systems.
BAE Systems has major operations across five continents and customers in some 130 countries. The company employs more than 90,000 people and generates annual sales of more than $20 billion through its wholly owned and joint-venture operations.
BAE Systems North America is a high-technology U.S. company employing more than 25,000 people who live and work in some 30 states, the District of Columbia, and the United Kingdom. The company is dedicated to solving its customers needs with highly innovative and leading edge solutions across the defense electronics, systems, information technology, and services arenas.
BAE Systems Information & Electronic Warfare Systems employs 6,900 people at 13 major facilities in eight states. The business unit is a major producer of aircraft self-protection systems and tactical surveillance and intelligence systems for all branches of the armed forces.
IEWS provides products and services in four major lines of business: Electronic Warfare/Electronic Protection, Electronic Warfare/Information Warfare, Integrated Defense Solutions, and Mission Electronics.
BAE Systems, innovating for a safer world.
